Title: The "new great depression" an Omen for tourism?

Authors: Rigin Sebastian; Noufal Naheem Kottekkadan; P. Harish; Toney K. Thomas; Victor Wee Eng Lye

Addresses: School of Tourism Studies, Mahatma Gandhi University, 686560, Kerala, India ' School of Tourism Studies, Mahatma Gandhi University, 686560, Kerala, India ' School of Tourism Studies, Mahatma Gandhi University, 686560, Kerala, India ' School of Tourism Studies, Mahatma Gandhi University, 686560, Kerala, India ' Faculty of Social Sciences and Leisure Management, School of Hospitality Tourism and Events, Taylor's University, 47500 Subang Jaya, Selangor Darul Ehsan, Malaysia

Abstract: This research report addresses the extraordinary economic circumstances created by the COVID-19 pandemic and the devastating war between Ukraine and Russia, which have led to a global recession and may even have plunged the world into a "Great Depression". The global economy is being seriously affected by increasing geopolitical tensions and policies that have impacted economic and trade relations; supply disruptions and economic decoupling; food shortages; and high prices for energy and other commodities. Current economic trends undermining global production, employment, and incomes are ringing alarm bells for the hard-hit tourism industry as the world tries to recover from the pandemic.

Keywords: new great depression; recession; crisis over crises; debt distress; tourism.

DOI: 10.1504/IJTP.2023.132228

International Journal of Tourism Policy, 2023 Vol.13 No.4, pp.381 - 387

Received: 03 Sep 2022
Received in revised form: 07 Oct 2022
Accepted: 07 Oct 2022
Published online: 13 Jul 2023 *

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